Michigan Stock Report vs. UTEP: Is the Blowout Score Hiding a Real Problem?

Michigan struggled through a sluggish first half against UTEP, taking just a 17-14 lead into the break, before piling on in the second half to win 52-17. On paper, the numbers look thoroughly dominant: Michigan finished with 431 total yards to UTEP’s 150, and the defense racked up 11 tackles for loss and four sacks compared to just four tackles for loss and one sack from the Miners.

But the box score has a way of flattering a result. Michigan’s two first-half fumbles kept UTEP in the game far longer than they had any business being there, and once the Wolverines stopped turning the ball over, they cruised. That distinction matters heading into Big Ten play — and it’s exactly why this stock report comes with a genuinely uncomfortable question buried inside it: is Michigan’s offense actually good, or has it just been beating up on bad competition?

Stock Up: Bryce Underwood Is Quietly Playing His Best Football

Bryce Underwood turned in his best game of the 2026 season against UTEP, completing 19 of 25 passes for 223 yards and two touchdowns, while adding 22 rushing yards on six carries. It wasn’t a flawless outing — he coughed up yet another fumble, a recurring issue that’s now a legitimate trend worth monitoring — but outside of that turnover, Underwood looked calm, controlled, and accurate throughout.

That progress lines up with what Michigan insiders have been noting all week: Jason Beck has started opening up the offense for Underwood with more RPOs and dropback passing concepts, and the sophomore has responded well to the added responsibility. If Underwood keeps stacking positive weeks on top of each other, there’s a real path for him to develop into one of the Big Ten’s better quarterbacks by season’s end — the talent has never been the question.

Stock Down: The Offensive Line Keeps Shuffling — And Here’s the Uncomfortable Comparison

Three games into the season, Michigan has already used three different starting offensive line combinations. This week, with Andrew Sprague out, Michigan slid Blake Frazier to right tackle, brought Evan Link in at left tackle, and reinserted Brady Norton at right guard. That level of continued shuffling has forced players into unfamiliar spots, and it’s shown up on the field.

Here’s the number that should actually worry Michigan fans: Oklahoma ran for 170 yards on 39 carries (4.4 yards per carry) against this exact same UTEP defense. Michigan ran for 185 yards on 42 carries — also 4.4 yards per carry. Statistically identical rushing efficiency, against the same overmatched opponent. The catch is that Oklahoma’s run game had already been exposed as ineffective against actual quality competition the week before, which makes Michigan matching that same modest output against UTEP a legitimate red flag rather than a point of pride.

For context on how far this offense still has to climb: Jason Beck’s rushing attacks ranked in the top five nationally in each of the last two seasons, averaging 253.6 rushing yards per game at New Mexico in 2024 and 266.3 yards per game at Utah in 2025. Michigan itself ranked 14th nationally in rushing just last season. Whatever made those offenses so dominant on the ground hasn’t fully translated to this Michigan team yet — and with a stout Iowa run defense up next (18th nationally, allowing just 72.5 rushing yards per game), the offensive line doesn’t have much time to figure it out.

Stock Up: Andrew Marsh and JJ Buchanan Are Becoming a Legitimate Duo

Andrew Marsh delivered his best game of the season, catching 10 passes for 105 yards and a touchdown, after Michigan made a clear point of getting him more involved. JJ Buchanan continued his own ascent, adding seven catches for 92 yards and a score of his own. It’s not a coincidence that Underwood’s best statistical game of the year lined up exactly with both of his top targets getting going simultaneously.

The honest caveat here: Michigan’s passing offense still doesn’t have a real third option. Both of Underwood’s touchdown passes went to Marsh and Buchanan specifically, and beyond those two, Michigan’s receiving corps hasn’t provided much. If defenses start keying in on this duo the way Oklahoma and Iowa’s coaching staffs certainly will be watching for, Michigan will need someone else to step up.

Stock Down: Jordan Marshall and Savion Hiter Still Haven’t Found Their Footing

Neither running back has cracked the 100-yard mark in any game this season, and both struggled again against UTEP. Hiter fumbled deep in Michigan territory, directly setting up a UTEP touchdown, while Jordan Marshall — coming off a nearly 1,000-yard season in 2025 — continues to look a step slower than he did for most of last year, missing multiple cutback lanes that looked like they could have sprung for larger gains. Through three games, Marshall has just 76 yards on 22 carries, a startling number for a player many expected to be Michigan’s offensive centerpiece.

It’s worth noting Michigan’s own coaching staff has acknowledged Marshall may not be fully healthy right now, which complicates how much of this slump is scheme-related versus health-related. Either way, both backs have the talent to be among the Big Ten’s best — the results simply haven’t matched that billing yet, and Iowa’s defense isn’t the unit either back wants to try to figure things out against.

Stock Up: Michigan’s Edge-Rushing Room Might Be the Best Unit on the Roster

If there’s one unit drawing zero controversy, it’s Michigan’s defensive edge group. Five different defensive ends recorded at least half a tackle for loss against UTEP. John Henry Daley led the way with a sack, Dom Nichols added a tackle for loss, and even the depth pieces — Nate Marshall, Tariq Boney, and Benny Patterson III — each chipped in at least half a tackle for loss of their own. Five-star true freshman Carter Meadows also made his Michigan debut in this game, adding even more long-term intrigue to an already loaded room.

This kind of two-deep production from the edge makes life miserable for opposing offensive lines, especially when Michigan’s second and third-string rushers are still generating consistent pressure. If this is what the depth pieces look like, opposing coordinators have a real problem on their hands the rest of the season.

Stock Down: The Tight Ends and Rhino Package Are Nearly Invisible

Perhaps the most overlooked disappointment on this roster has been the tight end and fullback group. Manuel Beigel, Michigan’s primary “Rhino” sixth-lineman option, has been underwhelming in run blocking all season. Eli Owens and Jalen Hoffman each committed a key penalty or missed a critical block against UTEP, and true tight ends Zack Marshall and Hogan Hansen have a combined zero receptions through three games.

It’s not necessarily the most talented unit on the roster to begin with, but “almost no production of any kind” through three games is still a real problem for an offense that’s already searching for answers in the run game and beyond its top two receivers.

The Big Picture: Is Michigan Actually Fixed, or Just Beating Bad Teams?

That’s the real debate simmering underneath this stock report. Michigan is 3-0, its defense looks genuinely elite, and Bryce Underwood is trending in the right direction. But the offensive line is still shuffling personnel every week, the run game has produced nearly identical numbers to a team (Oklahoma) that was exposed by real competition, and the passing attack is a two-man operation. Iowa presents Michigan’s first true stress test of the season — a disciplined, physical defense that isn’t going to hand out the same kind of overmatched matchup UTEP did. How Michigan performs in Ann Arbor next week should answer, once and for all, whether this offense has genuinely turned a corner or was simply padding stats against inferior competition.